Weekly Poll: Pullback This Week? PART 3

Discussion in 'Trading' started by shortie, Sep 24, 2010.

SPY Next Week?

Poll closed Oct 1, 2010.
  1. Bullish

    15 vote(s)
    46.9%
  2. Flat

    5 vote(s)
    15.6%
  3. Bearish

    10 vote(s)
    31.3%
  4. I prefer to keep my opinion to myself

    2 vote(s)
    6.3%
  1. Nine_Ender

    Nine_Ender

    For me Thursday morning was very unclear because the bad US news came out but Copper and Silver were basically unchanged. Most of the downdraft occurred premarket and those kind of isolated moves generally don't have lasting effects on the overall market direction.

    The financials I shorted hit major support levels and held easily.
    This seemed very bullish to me at the time. It suggests that there aren't many sellers out there and people are holding their positions.

    So I am again back to the catalyst point. There are already strong catalysts for the market to go higher. So it will go higher until such time something changes. If the pace is slow but steady that is very bullish. If there is a sudden huge move up I would consider shorting because a normal corrective day might be triggered somewhere around a 5% drop.

    Of course, the market could do anything we just have to react accordingly and toss our theories if the parameters change one morning ( Monday mornings are sometimes game breakers ).
     
    #11     Sep 24, 2010
  2. We have a very strong case for a top.
    Japan should open higher but it should still have a lower high.

    [​IMG]

    The Hang Seng & India should open higher but it would open at or near a perfect double top.

    [​IMG]

    [​IMG]

    The charts of the FTSE & DAX look similar. Again, they should gap up and open at or near a double top.

    [​IMG]

    Brazil has a tweezer top. They could gap either way, but if the US gaps down, they should gap down too.

    [​IMG]

    For US to be bearish, we have to gap down Monday.

    [​IMG]

    If we don't drop, I give up. [​IMG]
     
    #12     Sep 24, 2010
  3. Here's another case for the bears. It's a weekly chart from Carl Swenlin.

    [​IMG]
     
    #13     Sep 24, 2010
  4. My friend: what you showed is bullish. On the verge of a dangerous breakout.
     
    #14     Sep 24, 2010
  5. businessstaxes

    businessstaxes Guest

    bear trap in an illiquid market.. the majority is always wrong in this kind of market. the market makers goldman sachs or PPT control the market. traders are like herd of cows...

    SEC could even ban shorting..ban daytrading ban trading.
    no stop losses proposal.
    China market didn't have shorting before and has no futures market.

    now they have shorting and futures in china.

    traders are being whipped and chopped up. can't beat the HFT machines. majority of traders were short going into september with that hindenberg omen...

    it was the bear trap in june 2009 that started jump start the rally.

    none of the hedge funds have sold and still holding on to their precious fool's gold(stocks) heck even lehman bros. still holding to their stock and diddnt' sell. many hedge funds like lehman still have illiquid holdings they haven't sold.

    the market looks like black swan formation..

    dead cat bouncing very hard since may 6 death crash. only PPT an fed and short covering keeping this market alive. market on death watch.

    i find the SEC banning stop losses very disturbing. they might as well ban trading with that proposal..

    why don't the just ban shorting alltogether if the market is that illiquid.




     
    #15     Sep 24, 2010
  6. The week at the end of your chart is last week. We know what happened this week. His arrows were proven wrong this week or I am :confused:
     
    #16     Sep 24, 2010
  7. #17     Sep 24, 2010
  8. Currently, I'm 75% long. By default, I'm always long a certain percentage in case this nonsense continues higher. I can always sell my longs in case we drop. [​IMG]
     
    #18     Sep 25, 2010
  9. Nine_Ender

    Nine_Ender

    I'm glad you don't trade exclusively based on your chart analysis because the analysis you posted is horrible. Would you care to explain on the Japanese chart for example what the moving average line is supposably telling you ? And why on earth do you think you can claim a double top before it happens ? If it happens fine but what if the single top is smashed on the way up then where the hell was that double top in the first place ???

    Please don't post charts until you understand what they are saying.
     
    #19     Sep 25, 2010
  10. So you already know for sure we're not going to drop? Where'd you get your crystal ball from? [​IMG]
     
    #20     Sep 25, 2010